i3 Energy PLC - Westhill, Scotland-based oil and gas company with assets in the UK and Canada - Says pretax profit in six months ended June 30 up 9.6% to $19.5 million from $17.8 million a year ago. Total sales production eases to 3.4 million barrels of oil equivalent from 3.7 million boe. Average daily oil and condensate production falls 13% to 4,113 barrels from 4,740. Average daily natural gas production drops 8.5% to 58,759 thousand cubic feet from 64,231 thousand cubic feet. Says prices lower with average realised price of oil and condensate per barrel of C$95.45, about $63.34, down from C$94.60 per barrel. Average realised price of natural gas is C$1.94 per thousand cubic feet down from C$2.97 per thousand cubic feet. Net royalty revenue drops 18% to $76.3 million from $93.1 million.

Further, confirms earnings before interest, taxes, depreciation, and amortization guidance of between USD 50 to 55 million, alongside average daily production of 18,000 to 19,000 boe, though cuts net operating income guidance to between $63 million and $67 million, owing to volatile commodity prices.

‘With a solid half year behind us, we now look forward to our [second half] focussed development and drilling programme which has already commenced with the successful drilling of our first operated well in Central Alberta. Our team will be busy during the second half of the year with back-to-back drilling across our portfolio, which will set the company up for the commencement of our Montney development drilling in [first quarter] 2025 for which we now are evaluating asset backed debt financing solutions to accelerate development.’

Current share price: 8.99 pence

12-month change: down 33%

Copyright 2024 Alliance News Ltd. All Rights Reserved.